Webster Equity Partners acquires Best Friends
Fraser has acted as financial advisor to Best Friends Pet Care Inc., a veterinary services provider, in relation to its acquisition by Webster Equity Partners. Best Friends is a leading provider of services to pet owners and their companion animals, operating 42 boarding, grooming, training and veterinary centers. Webster Equity Partners plans to expand the company through acquiring and building new locations.
Waltham, MA – April 29, 2013. Webster Capital is pleased to announce its acquisition of Best Friends Pet Care from Brynwood Partners, a Connecticut based private equity firm.
Best Friends is a leading provider of services to pet owners and their companion animals, operating 42 boarding, grooming, training and veterinary centers. Webster Capital plans to expand the company through acquiring and building new locations. Concurrent with the closing of the acquisition of Best Friends, Webster is adding 6 veterinary hospitals adjacent to current Best Friends locations.
“We are excited to be investing in Best Friends at a point in time when pet ownership is on the rise.” said Robert Long, Webster Capital Senior Partner. “Pets are increasingly being treated as members of the family, and as a result, demand is rising for high quality services from boarding and day care to advanced medical procedures from veterinary specialists.
Webster Capital will be working with an experienced vet industry executive Shane Kelly to build a company that offers a full spectrum of pet services from one trusted source. “Best Friends is one of the highest quality pet services companies with remarkable loyalty from its customers. This reputation stems from the employees’ deep love of pets and attention to providing the best care possible. I am looking forward to helping the company build on its success,” said Kelly.
Brynwood Partners IV L.P., the seller of the business, will maintain a minority stake in the business. Joan McCabe, a Managing Partner of Brynwood Partners IV, said: “We feel that the strategy of combining pet boarding with pet vet services is compelling and so are excited to continue to participate with Shane and his team in building the business.”
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